Investment Rating - The report does not provide a specific investment rating for the company Zhejiang Natural (605080) [1] Core Views - The company reported a revenue of 1.002 billion yuan in 2024, representing a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 185 million yuan, up 41.7% year-on-year [1] - The company is expected to optimize its product structure and increase market share, leading to steady revenue growth, while overseas bases are accelerating their development [1][2] - The company’s overseas bases are entering a harvest period, with limited impact from tariffs, and profitability is expected to improve in 2025 [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 357 million yuan, a year-on-year increase of 30.4%, and a net profit of 96 million yuan, up 148.3% year-on-year [1] - The company’s gross profit margin in Q1 2025 was 38.8%, an increase of 0.5 percentage points year-on-year, with a net profit margin of 26.9%, up 12.8 percentage points year-on-year [3] Product Structure and Growth - The revenue from air beds, bags, pillows, and other businesses in 2024 was 586 million, 204 million, 70 million, and 134 million yuan respectively, with year-on-year growth rates of 13.9%, 30.9%, 15.7%, and 48.0% [2] - The company is expanding its customer base in the new energy vehicle market and enhancing its product offerings in the camping sector [2] Overseas Expansion - The company has three main overseas bases in Vietnam, Cambodia, and Morocco, which are all developing simultaneously and are expected to enhance the company's global supply chain share [3] - The profitability of these overseas bases is anticipated to recover in 2025, reaching a stable level by 2026 [3] Cash Flow and Operational Efficiency - The operating cash flow for Q1 2025 was 13 million yuan, with inventory turnover days at 112.08 days, a decrease of 5.91 days year-on-year [4] - The company is managing expenses effectively, with a total expense ratio of 7.98% in Q1 2025, down 4.0 percentage points year-on-year [3]

Investment Rating - The report does not provide a specific investment rating for the company Zhejiang Natural (605080) [1] Core Views - The company reported a revenue of 1.002 billion yuan in 2024, representing a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 185 million yuan, up 41.7% year-on-year [1] - The company is expected to optimize its product structure and increase market share, leading to steady revenue growth, while overseas bases are accelerating their development [1][2] - The company’s overseas bases are entering a harvest period, with limited impact from tariffs, and profitability is expected to recover in 2025 [3] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 357 million yuan, a year-on-year increase of 30.4%, and a net profit of 96 million yuan, up 148.3% year-on-year [1] - The company’s gross margin in Q1 2025 was 38.8%, an increase of 0.5 percentage points year-on-year, while the net profit margin was 26.9%, up 12.8 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was 13 million yuan, a decrease of 21 million yuan year-on-year [4] Product Structure and Market Development - The revenue from air beds, bags, pillows, and other businesses in 2024 was 586 million, 204 million, 70 million, and 134 million yuan respectively, with year-on-year growth rates of 13.9%, 30.9%, 15.7%, and 48.0% [2] - The company is expanding its overseas bases, particularly in Vietnam and Cambodia, which are expected to enhance production efficiency and profitability [3][2] Profitability Forecast - The company’s net profit attributable to shareholders is projected to be 290 million, 380 million, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.8X, 9.6X, and 7.5X [4]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

证券代码：605080 证券简称：浙江自然 公告编号：2025-029 浙江大自然户外用品股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 履行的审议程序：浙江大自然户外用品股份有限公司（以下简称"公司"） 于 2025 年 4 月 25 日以现场结合通讯的表决方式召开公司第三届董事会第六次会议、 第三届监事会第六次会议，审议通过了《关于使用部分暂时闲置募集资金及自有资 金进行现金管理的议案》，同意公司在保证不影响募集资金投资项目实施、确保募 集资金安全的前提下，使用最高不超过人民币 8,500 万元的暂时闲置募集资金进行 现金管理，使用闲置募集资金用于购买投资安全性高、流动性好的保本型理财产品。 自第三届董事会第六次会议审议通过之日起 12 个月内有效。在前述额度及期限范 围内，公司可以循环滚动使用。具体内容见公司 2025 年 4 月 29 日披露的《浙江自 然关于使用部分暂时闲置募集资金及自有资金进行现金管理的公告》（公告编号： 2025-0 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of CNY 1.0 billion, representing a year-on-year increase of 22%, and a net profit of CNY 190 million, reflecting a 42% increase [1]. - The company is actively expanding its product categories, with new products anticipated to drive rapid growth in 2025 [3]. - The company has a competitive advantage due to its integrated domestic supply chain and successful international production base expansion [4]. - The financial forecasts for 2025 to 2027 indicate strong growth in both revenue and net profit, with net profit expected to reach CNY 272 million in 2025, a 47.1% increase year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the company is projected to have a gross margin of 33.7%, with a net profit margin of 18.9% [1]. - For Q1 2025, the company reported a revenue of CNY 360 million, a 30% increase year-on-year, and a net profit of CNY 100 million, marking a 148% increase [2]. - The company plans to distribute cash dividends totaling CNY 28 million in 2024, with a payout ratio of approximately 15% [1]. Product and Market Expansion - The company has established stable long-term partnerships with major clients, including Decathlon, and expects its international sales to grow significantly [3]. - The revenue breakdown for 2024 shows that inflatable mattresses, bags, and other categories are expected to contribute significantly, with respective year-on-year growth rates of 14%, 31%, and 48% [3]. Operational Efficiency - The company is enhancing its production capabilities in various regions, including China, Vietnam, and Cambodia, which is expected to improve profitability [4]. - Inventory levels have increased, with a year-on-year rise of 34.4% by the end of 2024, but inventory turnover days have decreased, indicating effective inventory management [4]. Future Outlook - The company anticipates continued strong growth in its core inflatable mattress business and expects production capacity in overseas subsidiaries to ramp up smoothly [5]. - The financial projections suggest a robust growth trajectory, with expected revenues of CNY 1.37 billion in 2025, a 36.7% increase from 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 1.002 billion RMB for 2024, representing a year-on-year growth of 21.75%, and a net profit of 185 million RMB, up 41.67% [2]. - For Q1 2025, the company achieved a revenue of 357 million RMB, reflecting a growth of 30.40%, with a net profit of 96 million RMB, which is a significant increase of 148.29% [2]. - The company is expanding its product categories beyond inflatable mattresses to include bags and water sports products, optimizing its product structure [2][3]. - The gross margin for 2024 and Q1 2025 was reported at 33.72% and 38.83%, respectively, showing a stable increase [3]. - The company is leveraging its overseas production capabilities in Vietnam and Cambodia to enhance market share in waterproof bags and other categories [3]. Summary by Sections Performance Review - The company demonstrated strong growth in both 2024 and Q1 2025, with significant increases in revenue and net profit [2]. - Revenue breakdown for 2024 includes inflatable mattresses (586 million RMB), bags (204 million RMB), and other products, all showing positive growth rates [2]. Operational Analysis - The company is focusing on multi-category expansion, with notable growth in inflatable mattresses, bags, and cushions [2]. - The international market is a key growth area, with revenue from overseas markets reaching 800 million RMB, a year-on-year increase of 23.07% [2]. Financial Forecast and Valuation - The projected EPS for 2025-2027 is 1.94, 2.68, and 3.32 RMB, with corresponding P/E ratios of 13, 9, and 7, indicating a favorable valuation [4]. - The report anticipates continued strong performance driven by effective management and product innovation [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2024 are projected to be 1.002 billion, 185 million, and 171 million yuan respectively, showing year-on-year growth of 21.75%, 41.67%, and 25.04% [2] - The significant growth in net profit is attributed to the company's active market expansion, product structure optimization, and accelerated overseas capacity ramp-up [2] - The company plans to distribute a cash dividend of 1.97 yuan per 10 shares, with a dividend payout ratio of 15.06% and a dividend yield of 0.80% [3] Financial Performance Summary - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 357 million, 96 million, and 86 million yuan respectively, representing year-on-year growth of 30.40%, 148.29%, and 53.80% [2] - The gross margin, net profit margin, and net profit margin excluding non-recurring items for 2024 are projected to be 33.72%, 18.47%, and 17.07% respectively, with year-on-year changes of -0.12%, +2.6%, and +0.42 percentage points [6] - The company experienced a 35% increase in inventory year-on-year, with inventory turnover days decreasing by 20 days [8] Investment Recommendations - In the short term, the company's main product, outdoor inflatable mattresses, is expected to maintain a revenue growth rate of over 20% due to new customer orders [9] - In the medium term, the insulated hard box and water sports products are anticipated to become new growth points, with high growth expected this year [9] - Long-term prospects remain strong due to the company's robust R&D capabilities in new materials and ongoing expansion in overseas markets, with revenue forecasts for 2025 and 2026 at 1.394 billion and 2.008 billion yuan respectively [9]

Core Viewpoint - Camping has emerged as a popular lifestyle choice in China, driven by a desire to connect with nature and escape urban environments, leading to significant growth in the camping economy and related industries [1][10]. Industry Overview - Camping is defined as a temporary outdoor living arrangement, originally for military and surveying purposes, which has evolved into a leisure activity enjoyed by many [3]. - The camping market in China reached a core market size of 149.4 billion yuan in 2017, projected to grow to 2,139.7 billion yuan by 2024, with a compound annual growth rate of 46.3% [1][10]. - However, in 2023, the growth rate of the core market decreased from 52% in 2022 to 18%, influenced by the diversion of consumers to other emerging leisure activities post-pandemic [1][10]. Policy Support - The Chinese government has introduced several policies to promote the camping industry, including the establishment of camping zones in tourist areas and support for camping equipment development [5][7]. - Key policies include the 2022 guidance on promoting camping tourism and the 2023 measures to release tourism consumption potential, which encourage the creation of camping leisure areas in urban parks and open spaces [5][7]. Industry Chain - The camping industry chain consists of upstream (scenic areas, campsite construction), midstream (production of camping equipment), and downstream (sales channels such as malls and e-commerce) [8][10]. Market Growth - The camping economy is expected to drive significant growth in related sectors, including food, accommodation, and transportation, with the overall camping market projected to exceed 1,000 billion yuan, reaching 1,155.45 billion yuan by 2024, a year-on-year increase of 47% [12]. - The campsite market is also expanding, growing from 13.4 billion yuan in 2018 to an estimated 48.6 billion yuan by 2024 [14]. Competitive Landscape - The camping market is characterized by diverse and intense competition, with both international and domestic brands vying for market share. Domestic brands are gaining recognition in the mid-to-high-end market due to their cost-effectiveness and understanding of local consumer preferences [16][17]. Future Trends - The camping experience is expected to diversify, becoming a more integrated part of daily life, with new forms of camping emerging, such as outdoor music festival camping and stargazing camping [21]. - The industry is also anticipated to undergo digital transformation, incorporating technology to enhance the camping experience, such as smart tents and drone usage [22]. - The camping economy will continue to foster collaboration with cultural, sports, and educational sectors, creating a rich ecosystem of activities and experiences [23].

（一）会计政策变更的原因及时间、内容 1、财政部于2024年12月6日发布了解释第18号，包含"关于不属于单项履约 义务的保证类质量保证的会计处理"的规定，该解释自印发之日起施行，允许企 业自发布年度提前执行。 2、财政部于2023年8月1日发布了财会〔2023〕11号，适用于符合企业会计准 则相关规定确认为无形资产或存货等资产的数据资源，以及企业合法拥有或控制 的、预期会给企业带来经济利益的、但不满足资产确认条件而未予确认的数据资 源的相关会计处理，并对数据资源的披露提出了具体要求。自2024年1月1日起施 行，企业应当采用未来适用法，该规定施行前已经费用化计入损益的数据资源相 关支出不再调整。 浙江大自然户外用品股份有限公司董事会 关于会计政策变更的说明 一、本次会计政策变更情况概述 本次会计政策变更后，公司将执行财政部发布的解释第18 号以及财会 〔202 3〕11 号的有关规定，其余未变更部分仍按照财政部前期颁布的《企业会计准则 ——基本准则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解 释公告以及其他相关规定执行。 二、本次会计政策变更对公司的影响 本次会计政策变更是公司根据财政部相关规 ...

证券代码：605080 证券简称：浙江自然 公告编号：2025-026 浙江大自然户外用品股份有限公司 关于开展金融衍生品交易业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 二、金融衍生品交易业务基本情况 ● 交易目的：为防范并降低外汇汇率及利率波动带来的经营风险，浙江大 自然户外用品股份有限公司（以下简称"公司"）及下属子公司拟选择适合的市 场时机与经有关政府部门批准、具有相关业务经营资质的银行等金融机构开展金 融衍生品交易业务，以套期保值为目的，不做投机性、套利性的交易操作。 ● 投资种类：人民币和其他货币的远期结售汇业务、外汇期权、外汇掉期、 货币互换、利率互换、利率掉期、利率期权等产品及其衍生品，或上述产品的组 合。 ● 投资金额：公司及下属子公司拟使用自有资金进行金融衍生品交易，预 计持仓保证金额度上限为 8 亿元（含），决议有效期内资金在上述额度内可循环 滚动使用，但任一时点持仓保证金余额不超过上述额度上限。预计任一交易日持 有的最高合约价值上限为 8 亿元。有效期为自公司股东大会审议通 ...